A 668 credit score is in the “fair” range and can still help you get loans. However, you may have to pay higher interest rates than people with better credit scores.
Your credit score is based on your payment history and a variety of other factors. This is why your score can vary from person to person.
Overview of a 668 Credit Score
A 668 credit score is just below the average for consumers. While it’s a good score, you may need to work on improving your credit if you want to get more options and save money.
You’ll find that your credit score is affected by a variety of factors. The most common include payment history, amounts owed, credit history length and credit mix (what kind of accounts you have).
Your debt-to-credit ratio is also important. A high ratio indicates that you owe a lot of money to credit lenders.
The good news is that you can easily improve your credit if you start focusing on the right things. By making sure your payments are on time, increasing the amount of credit you have and improving the types of credit that you have, you can quickly build a better credit profile.
Credit Card Options with a 668 Credit Score
With a 668 credit score, you’ll have less financing options than someone with excellent or exceptional credit. However, if you’re willing to work hard on your credit, it’s possible to find a variety of credit card options that will fit your needs.
Credit cards with higher rewards potential, a better benefit package and additional perks often are within reach. In addition, a higher credit score can help you qualify for lower interest rates and easier access to some of the market’s best credit cards.
You can also boost your 668 credit score by avoiding certain behaviors that will damage your credit. For example, make sure to maintain a reasonable debt-to-income ratio, don’t use too much of your credit limit and avoid making inquiries for new credit.
Auto Loans with a 668 Credit Score
If you have a 668 credit score, you may be able to obtain an auto loan with a favorable interest rate. However, you’ll have to take steps to raise your credit before you apply for a car loan.
The best way to improve your credit score is to make regular payments on time and pay off old debts. You can also dispute errors on your credit report that could be negatively impacting your score.
You should also try to make all of your loan applications within 14 days of each other. This helps to cluster them together when rate-shopping, which can result in better rates.
If you are looking for an auto loan with a 668 credit score, you’ll need to shop around for a lender that will give you the best rate. This can be done online or with the help of a credit union banker.
Personal Loan Options with a 668 Credit Score
A credit score in this range is considered fair, which means that you should be able to get approved for a personal loan. However, the interest rates may be fairly high, so you might want to consider other options instead.
A personal loan is a type of debt that offers flexible terms and rates. It’s a good option for people who need money quickly, but don’t have a lot of cash on hand.
Many online lenders offer personal loans for fair credit, and you can also find them at local banks and credit unions. Some have fewer stringent requirements than others, so you’ll need to shop around for the best deal.
You can improve your credit score by paying down existing debt, reducing the total amount of credit you have, and making timely payments on all of your accounts. You can also use a credit repair tool to help boost your score.
Mortgages with a 668 Credit Score
If you have a 668 credit score, you may be eligible for several mortgage programs. These include conventional loans, FHA loans, VA loans, and USDA loans.
However, you will need to meet other qualifications and ensure that your debt-to-income ratio is below 36%. You will also need to make a down payment of at least 3.5%.
You might be surprised to learn that many lenders consider borrowers with credit scores as low as 660 to be at risk of defaulting on their loans in the future. These are referred to as “subprime” borrowers.
You’ll need to work on your credit score by making your monthly payments on time and keeping your balances low to increase your score. Getting a higher score isn’t as difficult as you might think, but it will take some time and effort to improve your creditworthiness.